Ethereum Price Turns Bearish Below $2,000—More Losses Ahead?
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Ethereum price failed to clear the $2,120 resistance and pruning gains. ETH is now consolidating $2,000 resistance.
- Ethereum started a new decline at a price of $2,000.
- Prices trade below $2,000 and 100-hour simple moving averages.
- On the ETH/USD hourly table (via Kraken’s feed), there is a short-term decline channel forming with a resistance of $1,880.
- Two people have to clear the $1,880 and $1,950 resistance levels to start a nice increase.
Ethereum prices drop further
Ethereum price starts to drop from a resistance of $2,120, e.g. Bitcoin. ETH rejects the following $2,000 support to enter the bearish zone.
The Bears gained the power of support under $1,880. Eventually, the bulls appeared near the $1,750 area. The lows formed at $1,753 and now the price is trying to recover the wave. Over $1,800 and $1,820 for resistance horizontal movement.
It cleared the 23.6% FIB retracement level from the $2,152 swing high to the $1,753 low. Ethereum prices are now at a price below $2,000 and a simple moving average of 100 hours.
On the plus side, the price seems to be Face obstacles Close to the $1,880 level. In the ETH/USD hourly table, there is also a short-term decline channel forming with resistance of $1,880. The next key resistance is close to the $1,950 level.
The 50% FIB retracement level from the swing high of $2,152 to the low of $1,753 is also close to the $1,950 level. The first major resistance is close to the $2,000 level. A clear action on resistors over $2,000 could shift the price to a resistor at $2,120.
A rise in resistance over $2,120 could demand more gains in the upcoming meeting. In the case of statements, Ether may rise toward the $2,250 resistance zone or even $2,350 in the short term.
Is there another game?
If Ethereum fails to clear the $1,880 resistance, it may drop again. The initial support for disadvantages is close to the $1,800 level. The first major support is located near the $1,750 area.
A clear move to support below $1,750 could push the price toward support of $1,680. In the short term, more losses could shift the price to the support level of $1,620. Next key supports $1,550.
Technical Indicators
Hourly MACD – MACD of ETH/USD is losing momentum in the bearish zone.
Hourly RSI – The RSI of ETH/USD is now below the 50 zone.
Main support level – $1,750
Main resistance level – $1,880
